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Vietnam earned more than USD 1 billion from pepper exports
04/10/2024
According to preliminary data from the General Department of Customs, in September this year, Vietnam exported 20,000 tons of pepper, earning USD 125 million. Compared to the same period last year, pepper exports increased by 10.4% in volume and 84.9% in value. The average export price reached USD 6,239 (more than VND 153 million) per ton, an increase of 67.5% - the highest level in 8 years.
Accumulated over the first nine months of the year, Vietnam earned more than USD 1 billion from 203,000 tons of pepper. Although the export volume decreased by 1.5% compared to the same period last year, the value increased by 46.9%.
According to businesses, pepper prices increased due to the impact of weather and the trend of crop conversion. In addition, speculators also contributed to pushing up prices. Although prices have increased, export businesses are facing great pressure due to weak purchasing power, while domestic purchasing prices remain high but goods are scarce.
On the morning of September 30, pepper prices in the domestic market fluctuated at VND 148,000-149,000 per kilogram, an increase of VND 1,000 compared to the previous day. Experts predict that domestic pepper prices are likely to continue to increase, especially when shopping demand for the upcoming Lunar New Year is high.
In the world market, the International Pepper Community (IPC) recorded the price of Vietnam black pepper 500 g/l at USD 6,800 per ton; black pepper 550 g/l at USD 7,100 ton; the price of white pepper is at USD 10,150 per ton.
The Import-Export Department (Ministry of Industry and Trade) forecasts that global pepper prices will remain high in the short term due to limited supply.
In the long term, Vietnam’s pepper output is expected to decline in the 2025 crop due to the impact of drought. This could continue to support export prices. According to the Vietnam Pepper and Spice Association (VPSA), the volume of pepper supplied by farmers is almost gone, only remaining in business warehouses.
According to the leader of the Vietnam Pepper Association, global pepper output would not be sufficient in volume to meet consumer demand in the next 3-5 years. Experts predict that pepper has entered a new price increase cycle, lasting from 10-15 years, with the possibility of reaching a peak of VND 350,000-400,000 per kg.
Pepper is often referred to as "black gold" because of its high economic value, playing an important role in agricultural exports of many countries, especially Vietnam. Last year, Vietnam exported pepper and earned USD 912 million. Vietnam continues to maintain its position as the world's largest pepper exporter, accounting for about 60% of the global market share.
Kylie Nguyen
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